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Another Large Sub Prime Lender Reducing Ltvs & Increasing Rates

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Preferred Mortgages part of Lehman Bros:

+ Near Prime capped now at 85%

+ Exrta Light (very low adverse) 80%

+ Select Light (still mild adverse) 75%!!!!!!!!!!!!!

+ All rates up by 0.75%

+ Self Cert now only open to the self employed

+ 75% max on ALL FLATS!!!!!!!!!!!!!!!!

+ 75% on ALL NEW BUILD HOMES

+ No lending to anyone Bankcrupt in the last 6 years (previously ok as long as 1 year ago)!

+ B2L rental assesment now increased to 120% from 110% (and this on very high 7%+ rates)

Less and less money available for properdeeeeeeeeeee

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+ Self Cert now only open to the self employed

that is a big one - watch other lenders follow suit. That is not from any lack of liquidity. That is from the FSA breathing down their neck.

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that is a big one - watch other lenders follow suit. That is not from any lack of liquidity. That is from the FSA breathing down their neck.

Q. Are you employed or self-employed

A. Self-employed

Correct. Sign here

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Q. Are you employed or self-employed

A. Self-employed

Correct. Sign here

No not that easy anymore. Lenders will want you to prove you are self employed. Typically this will include a search on YELL.COM, a call to an Accountant or an Inland Revenue document. In the sub prime arena the checks will be robust going forward.

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